Prices and Incomes policies (1 Viewer)

[loser]

Is it micro or macro policy?

And how the hell does it work?

 

[monkey187]

well it was a macro
then a micro
and now is basicaly not used @ all

but 'officaly' i think it is a micro

 

[loser]

If its not even used anymore, should I bother learning it to any great detail? Would it come up in an essay?

 

[Nupil]

It's a micro policy with macro consequences, much like some macro policies have micro consequences.

And you should know it because it helps explain inflationary pressures and something that was a catalyst for Labour market reforms, and when you're discussing labour market reforms ... you're going to have to reference what it was like prior to the reforms. Labour market most definitely can come up in an essay ... so I'd say it's worth knowing about but not to the extent of other aspects of the syllabus.

Hope that helped in anyway